The Potential of Blockchain Technology

October 22, 2018 19:08

The blockchain technology represents a system that has a variety of potential uses in the future. It is expected that by the year 2020, 80% of bankers will use this technology for the electronic transfer of funds within their institutions.

We explored this topic in collaboration with our friends from BitFortune.net and came to a conclusion that the future has arrived and it’s named ‘blockchain.’ For more information, you should check out the infographic, but before you do that, let’s discuss where the blockchain technology stands today.

Photo from unsplash.com

Blockchain Technology Today

Currently, one of the many uses of blockchain technology concerns funds transaction in P2P (peer-to-peer) trades. These transactions include individual to individual, individual to businesses (e.g., purchasing a product or service), and transactions between two companies.

The technology is both transparent and anonymous, and the information is cleared without going through a signing authority, meaning that if a person wants to send any amount of money to anybody else, they can do so without having to fill in forms and declare why the transaction is taking place. There is potential for using blockchain technology within the voting system as well since each transaction of information is transparent and live to view.

As a result, none of the parties involved can rig the elections, and because people are given their own unique and large digital identification number, a person viewing the live votes would not be able to tell who any of the voters popping up on the list are.

This is just the tip of the iceberg, and we expect additional implementations of blockchain technology in various industries. Ultimately, these are but a few of the exciting Blockchain facts, read on to learn more about this fantastic technology.